SMM Morning Review - 2010/8/20 Copper Market

SHANGHAI, Aug. 20 (SMM) – LME copper prices briefly pointed to USD 7,500/mt in earlier trading due to strong performance in China’s domestic stock markets, but lacked further upward momentum, reaching USD 7,492/mt. After the US announced a raft of weak employment and factory data, the US equities market dropped, and the US dollar moved higher. In this context, LME copper prices fell back from highs, and finally closed at USD 7,320/mt, down USD 60/mt.

SMM believes that SHFE copper market will likely advance on Friday due to support from rising stock market in China, and SFHE September delivery copper contract will move at RMB 58,000/mt.

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